MJ is the center of a large bull flag trading range and expanding triangle. Last week formed a second entry for a higher low and a potential start of a second leg up. The selling pressure down from the 38 lower high has not been strong, but the directional probability at this location is close to 50/50 with a slight bull advantage. There are still bull gaps open below, but not yet a clear and strong higher low. The bulls will need to keep these gaps open to increase the likelihood of strong bull trend resumption. More likely there will be profit taking at new highs and lows, and failed breakouts, contributing to the large expanding triangle.
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